Beyond Trading Floors :Securities Exchanges Under a New Regulatory Lens

On 25 March 2025, President Bola Ahmed Tinubu signed into law, the Investment and Securities Act, 2025 (the “ISA 2025”), repealing the earlier Investment and Securities Act, 2007 (the “ISA 2007”), and introducing wide-ranging reforms aimed a t strengthening Nigeria’s capital markets.

This article highlights key innovations under the ISA 2025 that relate to securities exchanges, including registration reforms, regulatory oversight, and governance controls. Where relevant, we draw parallels with similar regimes in other jurisdictions to offer practical context.

Being platforms’ that facilitate the trading of securities such as stocks, bonds, commodities, and derivatives, the focus o n securities exchanges i s timely. As market activity deepens, and the range of tradable instruments expands, regulatory clarity and flexibility around the operation and supervision of these platforms has become critical.